Entries for notes payable

Bennett Enterprises issues a $480,000, 60-day, 9%, note to Spectrum Industries for merchandise inventory.

Assume a 360 days in a year. If required, round your answers to the nearest dollar. If an amount box does not require an entry, leave it blank.

Question Content Area

a. Journalize Bennett Enterprises entries to record:

the issuance of the note.

the payment of the note at maturity.

2.

b. Journalize Spectrum Industries' entries to record: 1. the receipt of the note. 2. the receipt of the payment of the note at maturity. Compute payroll K. Mello Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: \begin{tabular}{lrrr} & Consultant & Computer Programmer & Administrator \\ \hline Regular earnings rate & $2,310 per week & $32 per hour & $40 per hour \\ Overtime earnings rate & Not applicable & 2 times hourly rate & 1.5 times hourly rate \\ Federal income tax withheld & $910 & $252 & $500 \end{tabular} For hourly employees, overtime is paid for hours worked in excess of 40 hours per week. For the current pay period, the computer programmer worked 53 hours and the administrator worked 61 hours. Assume that the social security tax rate was 6.0%, and the Medicare tax rate was 1.5%. Determine the gross pay and the net pay for each of the three employees for the current pay period. Assume the normal working hours in a week are 40 hours. When required round intermediate calculations and final answers to two decimal places. \begin{tabular}{lccc} & Consultant & Computer Programmer & Administrator \\ \hline Gross pay & $X & $ & $ \\ Net pay & $ & $ & $ \\ \end{tabular}